St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-09-17
The COMMERCIAL RECORD.
a Big Slide in Short Rib Prices on
the Chicago Board Of
Trade.
Next to Ribs, Wheat Was a Center
of Interest in Speculative
Circles.
Transactions in the Financial Circles Of
Wall Street.-The General
Quotations.
Snecial to the Globe.


wheat. After the somewhat reckless selling
yesterday afternoon there follows a sober
second thought disposition to cover. AS a
rule operators cannot bring themselves to
feel entirely safe to stand short of wheat at
these prices and their nervousness leads
them 10 accept very small profits. October
opened at 6S7Se, December at 11S4c and May
at T7tac, from which range there was slight
Improvement, followed by renewed weakness
attendant upon free speculative selling.
May corn opened at 45lsc and displayed a
softening tendency. Provisions opened weak
on large receipts of hogs and desire on the
part of miscellaneous holders to realize.
october ribs, which closed last night at
SS.S2l2, opened at 1915 and sold off imme-
diately TO $500 The deal i'll ribs was the
sensation to-day. For several weeks 1.-The
country has been operating on tips
pointers and theories that there was going
to be n squeeze in October ribs. 1.-The coun-
try loaded up and great many smart people
near home caught on and rode as near the
band wagon as they could. Yesterday the
market became happy and this morning it
opened at SSH, broke to So. 60, caught its
breath and plunged to SS.25. During the
first two hours of the session
AN ENORMOUS TRADE
was done in ribs with more than usual doing
i'll lard and pork. The crowd is at a loss to
know whether the break is merely an
Armour drive TO shake out tailers or notice
that he has squeezed the lemon dry and
abandoned the speculative end of the deal
If Armour has been able to dispose of his
option deals at high prices and place his
cash holdings satisfactorily, he is out of the
deal If there is yet some money to be had
by shaking off tailers, picking up ribs on the
l.r,la L and tl,n Inol IL i
safe to say that your Uncle Philip is planning
TO get the pot. There was a big plunge i'll
corn and wheat to-day. The old
crowd of bears, led by Cudahy,
filled the wheat crowd up yesterday,
and this morning the market acted as though
it was loaded" Renewed selling on lib
eral scale was met by substantial and unex-
pected buying orders, but that did not ad-
vance the market fraction. 1t can also be
truthfully said that the selling did not break
it. The tone was not buoyant though sta
tistics were all favorable to the bull side,
except i'll the one item Of export. There was
a Slight rally toward the close and o'clock
prices were not materially changed from
yesterday. AT the afternoon session wheat
was weaker, and closed IS@ssc lower. Corn
was steady. Closing =: 80 pm. prices: Wheat
617sc September, CSC October, 71&@71 7se
December, 77ss@77l2c May. Corn. lilac
September, 41lsc October, 1850 December,
44ssc May. Oats, 25l2c September, 25IS0
254c October, 2934@297sc May Pork,
S1l.95 year, Lard, S6.35 September, S6.::5
October, S6.35 December, S670 May. Short
ribs, So 7is; September SO. 17Ia.
THE ROUTINE REPORT.
CHICAGO, Sept. 16-Thc tremendous slide
In short rib prices was the chief sensation on
Change to-day. The ribs have been Ar
mours plaything this season. The idea got
abroad in a business-like way that they were
surely going to $40. Perhaps they are, but
the tailers who have been catching on to
make fortunes out of the deal got a bad shak-
ing out this morning when October ribs,
which have been selling at $500, took a
drop TO $50 before noon. Next to this,
wheat was The center of interest the first two
hours and there was really good specula-
tive feeling in the pit. October found its
way from 6S7Sc. the opening, up to 69Ac
while December touched 72e. Shortly be-
fore noon there was reaction which took
prices to the opening points and
ssh ihe same eserda sorn el %heh
had opened weak but quiet and steady. began
dropped suddenly about s4e. Thus before
noon the provision crowd, the wheat crowd
and the corn crowd, each in its turn, showed
considerable activity, and-added to the ex-
element of the session, which was quite i'll
contrast with the Indifferent quiet OF the past
few days and weeks Wheat promised well
early, but the session ended with little change
IN the situation or prices. October sold at
6S7Sc TO open, touched GSs4c, a lower point
than was reached yesterday, reacted and OH
very good feeling advanced 10 6914c. About
noon October again sold back to 6S1sc, and
steadied at CSC. Corn started off quiet
was making things lively for an anxious
crowd of traders and the decline of the
market was second only to that
i'll short ribs. The Liverpool advices were
III hold
option opened where it closed yesterday at
42c, and even sold up to 42lsc. Then the re-
action began. There was large quantities of
long corn i'll the hands of few parties This
was thrown on the market, and as there was
no one present to take the off side there was
general weakening. The price for October
declined quite sharply, lee, from 42lSc to
41ssc. After steadying for time it went to
was followed by another let down to 4lAc,
and at ! p. M. the indicator rested at 415sc
or s4c under the best prices of the morning.
The final price in the afternoon was lsc
still lower. May opened at the clos
ing point, 45l5c, sold at 45c, then up
10 45lac and declined with October just s4c
to 44lac. The secret of the decline in corn
appeared to be the selling by longs who had
taken October in anticipation of a slight
squeeze. Oats ranged 4@sSc lower for every
thing but September, which did not change
materially. September was in some demand
from shorts and offerings light. Longer
other markets. Provisions were decidedly
active. especially short ribs. The market for
the latter product was unsettled and demon
allied during the greater portion of the day
and fluctuations in prices were wild and fire.
qIent Offerings were liberal and early sales
were made at 7l2@l DC decline on Yesterday
closing figures, which was followed by a
further reduction of Soc From this point
the market ralHD 10c. but soon receded
156e20c. Toward the close the market was
steadier and prices advanced 10@12lac, and
the market closed tame The trading was
chiefly in October delivery.
THE QUOTATIONS.
The leading futures ranged as follows
&heat-No. 2. September, 677sc, closing at
617sc; October, 6S7sc, closing at CSC;
November, 7ossc. closing at 7Ossc; December
71s4c, closing at lac. Corn-No. 2, Septem
Der, 413sc. closing at 4I4c; October, 42c
closing at lilac; November, 42e, closing Al
4lI.c: May 45lsc, closing at 44ssc. Oats
No. 3, September, 25ssc, closing at 25lac
October. 25ssc, closing at 25ssc; November
257sc, closing at 25s4c; May, soc, closing a
29z4c. Mess pork, per barrel-Year, CLOSED
$3.50 Lard, per 100 lbs:1septe@be r
S6.32ls, closing at 6.35; October, So 32l2
closing at S6.35; November, S6.32la, closing
at $500, January, 500, closing a
1915, closing at So liz: October, ss.75, dos
ngat So. 17!2; JAN, 1852. closing at $3.50
Cash quotations were as follows: Flour stead.
and unchanged. Wheat-No. 2 spring, SIS
asked. Corn-No. 2, 25I4c. Oats-No. 2
25lsc. Rye--No. 2, doc. Barley-No. 2
Seed-Prime, S2.23@2.24. Mess pork, pei
Dbl. S15@15.25. Lard, per- 100 lbs, So. 81:
@64O; Short ribs sides Qoose), SS.15
Shoulders. dry sailed (boxed), S.. 25@5. IS
Short clear sides (boxed), 50. S5@S95
Whisky-Distillers' finished goods, per gal
S1.10. Sugar-Cut loaf, 67s067c; granulated
634c: standard A. 6sse. RecefDts-Flour
1000 bbls; wheat. sc, 600 bu; corn, 2s1.
600 blu; oats, 175, 900 bu; rye, 5000 bu
barley, 61.000 bu. Shipments-Flour, %.
600 pbls; wheat, 10000 blu; corn, 1873, OK
bu: oats, 131 900 blu; rye, IL 900 bu: barle,
$4,000 bu. On the produce exchange to-iai
the butter market showed good demad TO